Devry BUSN 420 Week 3 Quiz
(TCO 4) Which of the following is true of the UCC? (Points : 2)
- The UCC aims to create a uniform system of accounting among the 50
- The common law of contracts normally takes precedence over the provisions of the UCC.
- Article 2 of the UCC prescribes a set of uniform rules for the creation and enforcement of rules of taxation.
- Article 2A of the UCC prescribes a set of uniform rules for the creation and enforcement of contracts for the lease of goods.
Question 2. 2. (TCO 4) Craig decides to sell his Double-D Ranch in an auction without reserve. If Craig changes his mind at the auction, he can withdraw his property _____ (Points : 2)
- only before the auctioneer announces that the ranch is sold.
- only before the auctioneer delivers the deed to the buyer.
- under no circumstances.
- within thirty days after the auction.
Question 3. 3. (TCO 4) Corner Convenience Store (CCS) takes out a full-page ad in a local newspaper and runs a 30-second commercial on a local television station, offering a reward for information leading to the apprehension of a certain criminal. CCS could normally terminate the offer by placing _____ (Points : 2)
- a full-page ad in the local paper and a 30-second commercial on the local station.
- a notice in the “Legal Announcements” section of the paper.
- a notice to the news departments of the local stations.
- any, or none, of the choices.
Question 4. 4. (TCO 4) Elmore offers to sell a Ford F-150 for $7,500 to Grace. Before Grace can respond, Elmore refers to the prices for similar Fords and says, “Forget it. I changed my mind.” Elmore’s offer was terminated by _____ (Points : 2)
- no one, Elmore’s offer is still open.
Question 5. 5. (TCO 4) Bobbie claims that Carl breached their contract. Carl responds that he never intended to enter into a contract with Bobbie. The intent to enter into a contract is determined with reference to _____ (Points : 2)
- the conscious theory of contracts.
- the objective theory of contracts.
- the personal theory of contracts.
- the subjective theory of contracts.
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Question 6. 6. (TCO 4) Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mary is away. Sharon agrees to do so, provided she has the time for it. If Sharon fails to check the results and Mary wins the lottery, which of the following would be true for the contract between Mary and Sharon? (Points : 2)
- Mary can claim for breach of contract against Sharon.
- Sharon can claim for breach of contract against Mary.
- Neither Mary nor Sharon can claim breach of contract.
- Mary’s promise is supported by consideration.
Question 7. 7. (TCO 4) Which of the following elements has to be proved for a contract to be deemed unconscionable? (Points : 2)
- That the weaker party did not enter the contract under duress.
- That the parties had equal bargaining power
- That the dominant party justly used its baraining power.
- That the adhering party had no reasonable alternative.
Question 8. 8. (TCO 4) General Credit Corporation promises to pay its chief finance officer Hughie and other employees a year-end bonus if it seems like a good idea at that time. This is _____ (Points : 2)
- an enforceable contract.
- an illusory contract
- an unconscionablecontract.
- a unilateral contract.
Question 9. 9. (TCO 4) Under a contract with Bucolic Farms, Agro Excavation, Inc., begins digging an agricultural pond. In mid-project, Agro asks for $15,000 over the contract price, claiming an increase in the cost of doing business. Bucolic agrees but later refuses to pay. Their agreement is _____ (Points : 2)
- unenforceable because Agro’s performance was a preexisting duty.
- unenforceable because Bucolic’s promise was illusory
- unenforceable because its performance is unforeseeably difficult.
Question 10. 10. (TCO 4) 16-year-old Frank bought a video game console from John for $150. Frank is a minor, while John is a competent adult. A month later, the console started malfunctioning on its own. Frank returned the console to John. If Frank disaffirms his contract with John for buying the console, which of the following will be considered true? (Points : 2)
- John is not bound by the contract any more as the exchange has been completed.
- Frank can reclaim full refund of the amount he paid
- Frank can only ask for full refund once he has reaced the age of majority.
- Frank is legally obligated to fix the console before returning it to John.